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Co-Diagnostics, Inc. Unveils Financial Performance for 2024

On March 27, 2025, Co-Diagnostics, Inc. (NASDAQ: CODX), a prominent player in molecular diagnostics, presented its financial results for the full year of 2024. The company's innovative diagnostic platform, centralized on its proprietary Co-Primers® technology, continues to make strides in the diagnostics landscape despite experiencing a drop in overall revenue.

Financial Overview

In 2024, Co-Diagnostics recorded revenue of $3.9 million, a noticeable decline from $6.8 million in the previous year. This decrease is primarily attributed to a significant drop in grant revenue, which plunged to $3.1 million, compared to $5.8 million in 2023. The company’s product revenue was markedly lower at $0.8 million.

Operating expenses saw a modest decline to $43.0 million, representing a 5.2% decrease from 2023. This reduction reflects previous years' higher expenses as the firm was intensively working on platform development and regulatory compliance.

Despite these cuts, Co-Diagnostics reported an operating loss of $40.1 million, slightly improved from a loss of $42.7 million in prior reporting, but the net loss grew to $37.6 million, or $1.24 per share, compared to a loss of $35.3 million or $1.20 per share in 2023. Adjusted EBITDA loss stood at $33.5 million, signifying challenges in transitioning to a more market-ready product line.

Noteworthy Highlights for 2024

During 2024, Co-Diagnostics inaugurated a significant new facility in India for the synthesis of oligonucleotides, which enhances its manufacturing capabilities for the Co-Primers® chemistry. The company also set up a manufacturing site in South Salt Lake to produce essential components like the Co-Dx PCR Pro™ instrument and associated test cups.

Throughout the year, Co-Diagnostics actively engaged in various trade shows and expos, including prominent events like UHCA/UCAL in Fall Convention, Medlab Africa, and the MEDICA Trade Fair in Germany. These engagements underline the company's commitment to expanding its market presence and networking capabilities.

A crucial development involved the completion of an initial 510(k) application for the Co-Dx PCR Pro™ Platform. However, this application has since been withdrawn, as the company seeks to bolster its submission with enhanced clinical data to support a future resubmission.

CEO Dwight Egan expressed positivity regarding the advancements made in product pipeline development throughout 2024. He reiterated a strong commitment to enhancing the quality of the products that will soon hit the market, stating, "We firmly believe that this decision to withdraw our FDA application will enable us to offer an even better test upon our initial launch..."

In terms of future strategy, Co-Diagnostics announced plans for clinical evaluations for their tuberculosis test along with HPV multiplex and upper respiratory multiplex tests, with expectations for these evaluations to commence within the calendar year.

Future Aspirations and Goals

The year 2025 appears promising for Co-Diagnostics as they work towards commercializing their new diagnostic platforms while also striving to offset ongoing development costs through increased operational efficiencies. Brian Brown, the CFO, mentioned enthusiasm over optimizing processes to improve financial performance and achieve their slated goals for the upcoming year.

In summary, while Co-Diagnostics faced hurdles in financial performance for 2024, the steps taken towards enhancing product offerings and operational structures hint at a committed effort to impact global health positively. The upcoming periods promise significant developments in molecular diagnostics, making Co-Diagnostics a company to watch in future health initiatives.